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Regulatory change

MiFID II

The Markets in Financial Instruments Directive (MiFID) is the framework legislation for the provision of investment services and the operation of financial markets within the European Union (EU). The first MiFID directive had applied since 2007, but it was updated by new legislation known collectively as ‘MiFID II’ from 3rd January 2018.

MiFID II is wide ranging with many areas directly or indirectly affecting firms. Whatever you need we have support to help including:

Guidance and supporting material on the areas 'ikely to affect our client firms.

A MiFID II project plan.

Looking for more in-depth guidance?

A series of MiFID II 'in practice guides' within supporting documents.

A library of answers to frequently asked questions.

A range of templates to help you meet your regulatory obligations.

Insurance distribution directive

The Insurance Distribution Directive (IDD) came into force on 1 October 2018 and replaced the current Insurance Mediation Directive (IMD). It has been designed to create a level playing field for all those involved in the sale of insurance products, including:

Non-investment insurance contracts. For example, pure protection contracts and life policies such as long-term insurance contracts and annuities.

IBIPs are defined as a contract of insurance which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations. An IBIP doesn't include:

Non-life insurance products, for example, pure general insurance;

Life insurance contracts where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or disability;

Pension products which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement, and which entitle the investor to certain benefits;

Individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider.

General Data Protection Regulation

The General Data Protection Regulation (GDPR) strengthens and unifies data protection for all individuals within the EU and came into force on 25 May 2018.

threesixty provide high level guidance on General Data Protection Regulation (GDPR) in relation to the measures you need to put into place in delivering your services.

Our guidance highlights the key issues you need to consider and offer recommended courses of action to enable your firm to comply with the requirements of GDPR.

We are not experts on data protection law, and there may be occasions when you need to seek specialist legal advice on complex matters. Our guidance is limited to how you should deal with your clients and third party companies in the delivery of your services.

We don't advise on the application of data protection law to your responsibilities as an employer. We do, however, provide a number of template documents for our clients to use as an employer.

Senior Managers & Certification Regime

The FCA is extending the Senior Managers and Certification Regime (SM&CR) to FCA regulated firms from 9 December 2019. Its main focus is on clarity of responsibility and accountability, high and consistent standards of conduct of all individuals in the financial services industry and a shift to look at individuals as well as firms in the carrying out of supervision activity.

What should I do?

Although implementation is not until December 2019 you can begin to prepare for the regime by looking at your firm's management structure and considering how responsibilities within your firm should be allocated. You may also consider potential training needs as a result of the changes.

How else can threesixty help?

We are running events on the subject in August and September 2019 and expect to expand the locations and numbers of events in the coming months.

We will keep you updated with developments through our usual guidance pages.

See what's missing ...

Clients of threesixty enjoy full access to our online resources.

To talk to us about any of the topics mentioned here, or to find out more about threesixty and our breadth of services, please call 03707 360 360.